Creating Trusts in Texas

Reliable Tyler and Mineola Estate Planning Attorney

Creating a trust that will help secure the future for your loved ones is
an excellent idea. A trust is a legal agreement that holds and passes
benefits or assets on to others. In addition to protecting your interests
and carrying out your wishes, a trust can be a way to avoid the confusing
process of probate, if done correctly. Since trusts can come in so many
different shapes and forms, we are here to cast a little light on the subject.

Living Trusts

A living trust is a trust that goes into place while the creator of the
trust is still alive. This type of trust can be designed to hold and transfer
funds and other assets to beneficiaries as the trustees see fit. Creating
a living trust can also be used to avoid the probate process. A living
trust works similarly to a will. However, if proper measures are taken,
the assets will be held in trust without having to pass through probate.

Irrevocable Trusts & Revocable Trusts

If a trust is made to be irrevocable, this means that the terms cannot
be altered or revoked in any way, even if the trust creator is still alive
and able to make decisions for themselves. This type of trust is often
created to obtain certain protective tax or asset objectives. Conversely,
a revocable trust is one where conditions may be changed or removed at
the will of the creator.

Special Needs Trusts

Sometimes, trusts can be used to protect loved ones who may be disabled.
When they are receiving financial support from a regular trust, it may
interfere with their ability to receive payments from SSI or Medicaid.
This is why some choose to create a special needs trust that allows the
assets to be transferred without forcing them to forfeit other benefits.

Let Us Give You Insightful Advice

Because the array of trusts can be so complicated, it takes insightful
knowledge and skill to create one that will truly provide the support
and outcome you are looking for. This is why the help of an experienced
trust and estate planning attorney in Tyler and Mineola is nothing short
of necessary if you want to make sure your assets and loved ones are protected
precisely the way you want. Let Campbell Law Firm handle the legwork of
creating an excellent trust for you. We have over 28 years of experience
serving clients throughout Tyler and Mineola and know how to help.

Call (903) 345-0031 for acase evaluationtoday. We can guide you through the process step-by-step!

The information on this website is for general information purposes only.
Nothing on this site should be taken as legal advice for any individual
case or situation. This information is not intended to create, and receipt
or viewing does not constitute, an attorney-client relationship.

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